Can you identify the results we learned from solving this problem on market structure?

Group of answer choices

The monopoly market output is greater than the oligopoly market output and the oligopoly market output is greater than the competitive industry output.

The competitive market output is greater than the oligopoly market output and the oligopoly market output is lower than the monopoly output.

The competitive market output is greater than the oligopoly market output and the oligopoly market output is equal to the monopoly output.

The competitive market output is greater than the oligopoly market output and the oligopoly market output is greater than the monopoly output.

Flag question: Question 15Question 151 pts

Dry cleaning of clothing produces air pollutants. Therefore, in the market for dry cleaning services, the equilibrium price

Group of answer choices

and output are too low to be optimal.

and output are too high to be optimal.

is too low to be optimal, and equilibrium quantity is too high.

is too high to be optimal, and equilibrium quantity is too low.

is optimal, but there is an excess supply.

Flag question: Question 16Question 161 pts

Loud music from a neighbor's party is

Group of answer choices

a negative externality whether or not you like it.

a positive externality whether or not you like it.

a positive externality if you like the music, and a negative externality if you don't.

a negative externality if you like the music, and a positive externality if you don't.

not an externality.

Flag question: Question 17Question 171 pts

When asymmetric information problems drive high-quality products from a market, we refer to this situation as:

Group of answer choices

adverse selection.

moral hazard.

a lemons problem.

A and C are correct.

B and C are correct.

Flag question: Question 18Question 181 pts

The "efficiency wage" is the wage at which

Group of answer choices

employees have no incentive to shirk.

employees have an incentive to do the optimal (positive) amount of shirking.

the cost of looking for work is equal to the value of the leisure time for the unemployed individual.

there is no unemployment.

there is only frictional unemployment.